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To open long positions for EURUSD, it is required:
Buyers of the European currency need a breakthrough of a large resistance of 1.1352, and it failed to get out of it for a few days. Good data on inflation in the euro area, which are expected in the morning, can support the euro, and the breakdown of the area of 1.1352 will open new highs for traders at 1.1381 and 1.1410, where I recommend to take profit. Also, long positions can be seen in the event of a formation of a false breakout near the support of 1.1320, where the 50-day moving average is located, or a rebound from the low of 1.1286.
To open short positions for EURUSD, it is required:
Another unsuccessful consolidation above the level of 1.1352 with a return to it in the first half of the day, which may occur after the release of a weak report on inflation in the euro area, will be a direct signal to open short positions in the euro, which will lead to a decrease in the pair to the area of the intermediate level of 1.1320, the re-test of which will pull down the EUR/USD to a low of 1.1286, where I recommend to lock in the profit. With a further upward trend, you can count on short positions after updating the high of 1.1381 or immediately on a rebound from the resistance of 1.1410.
Indicator signals:
Moving averages
Trading is conducted above the 30-day and 50-day moving average, which keeps the upward trend in the pair.
Bollinger Bands
The upper limit of the Bollinger Bands indicator, located in the area of 1.1352, may limit the upward potential in the euro, but its breakdown will lead to a sharp increase. In case the euro declines, the lower limit of the indicator around 1.1300 will be a good level for purchases.
Indicator description
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
